LONDON (Alliance News) - AIM-listed precious metals explorer Altus Strategies PLC said it swung to a profit in the third quarter of 2018 after making a loss in the first and second quarters.
In the three months to September 30, Altus Strategies made a net profit of GBP17,990, after making a GBP513,451 and GBP550,094 loss in the two previous quarters, respectively.
Altus Strategies - a "project generator" focused on discovering projects in Africa before entering joint ventures with third parties who fund the next phases of exploration and development - said the profit was driven by a fair value gain on investments following losses in the first half.
Altus Strategies also noted lower initial public offering and legal costs aided the swing to a profit.
The company's year-to-date exploration expenditure increased 20% to GBP527,447 from GBP436,727 in the same period the year before.
Altus Strategies said it "looks forward to progressing and formally closing" its agreements with Canyon and Raptor in Cameroon and Morocco, respectively.
The company is also "actively seeking" partnerships on its remaining projects, currently in Mali, Ivory Coast, Liberia, Cameroon, Morocco and Ethiopia.
Shares in Altus Strategies were untraded Thursday, last closed at 3.65 pence each.